Printer Friendly

LOWE'S REPORTS EARNINGS COMMENTS, WEEKLY SALES AND FILING FOR UNALLOCATED SHELF OFFERING

 NORTH WILKESBORO, N.C., Jan. 10 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today issued the following statement:
 Our hearty sales results in November and December have invigorated our earnings outlook for our fiscal 1993 fourth quarter, despite weather conditions during the past two weeks. According to First Call, as of January 10, 1994 there are 13 analysts earnings estimates for our fourth quarter. They range from 18 cents to 31 cents per share. At this point, we believe that external estimates around the high end of the range are reasonable, well above the mean of 22 cents per share.
 Lowe's sales for the second week of January 1994 totaled $ 67.6 million, a 12% increase over the second week of January 1993. Sales to retail customers increased 18% and sales to contractors grew 2%.
 Week Ended: Jan. 7, 1994 Jan. 8, 1993
 Pct. Change Sales Mix Pct. Sales Mix Pct.
 Retail Sales +18 $ 46.1 68 $ 39.2 65
 Contractor Sales + 2 $ 21.5 32 $ 21.0 35
 Total Sales +12 $ 67.6 100 $ 60.2 100
 Total Stores 312 302
 Month-to-Date: Jan. 7, 1994 Jan. 8, 1993
 Pct. Change Sales Mix Pct. Sales Mix Pct.
 Retail Sales +17 $102.9 73 $ 88.1 72
 Contractor Sales +11 $ 39.0 27 $ 35.1 28
 Total Sales +15 $141.9 100 $123.2 100
 Rounded totals, millions of dollars
 The January 1992 comparable week's sales were $31.0 million retail, $18.3 million contractor, and $49.3 million total. The two year compound growth rates in weekly sales are: Retail, + 22%; Contractor, + 8%; and Total, +17%. The January 1992 comparable week's sales were from 306 stores.
 On January 10, 1994, Lowe's filed with the Securities and Exchange Commission a shelf registration statement covering $500,000,000 of "unallocated" debt or equity securities. The shelf registration will enable Lowe's to issue common and preferred stock and senior and subordinated unsecured debt securities from time-to-time.
 The registration statement has not yet become effective and the securities covered by it may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 Management commented that the proceeds from additional debt and/or the sale of these securities that may be made from time-to-time over an approximate two-year period, will be used for our ongoing multi-year expansion program and other general corporate purposes.
 Lowe's monthly sales report series will continue to summarize four- week, four-week, and five-week totals, including comparable store sales results. Lowe's quarterly news releases of sales and earnings will continue to present precise calendar totals.
 Lowe's is a specialty retailer of home improvement products. We serve customers in 312 stores in 20 states, and were recently ranked in Doubleday's newest edition of The 100 Best Companies to Work For in America.
 -0- 1/10/94
 /CONTACT: (Corporate contacts) W. Cliff Oxford or Clarissa S. Felts of Lowe's Companies, 910-651-4631 or 910-651-4254/
 (LOW)


CO: Lowe's Companies, Inc. ST: North Carolina IN: REA SU: SLS OFR ERP

CM -- CH007 -- 0644 01/10/94 15:06 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 10, 1994
Words:563
Previous Article:CONTINENTAL LOWERS DOMESTIC FARES
Next Article:HILLHAVEN ANNOUNCES COMPLETION OF FACILITY DISPOSITION PROGRAM AND RECOGNITION OF UNUSED RESTRUCTURING RESERVES
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters